A security guard awaits the launching ceremony of Xiaomi Mi 4i smartphone in Beijing on 22 July 2014Reuters

Looks as if, after the launch of its affordable Mi 4i smartphone, Xiaomi could be planning to follow on with its Mi series flagship.

According to prolific Weibo leakstar, Leaksfly, the Chinese smartphone vendor will launch the flagship Mi5 as early as on 5 November.

His posting further reveals the specifications of the smartphone, according to which the Mi5 will use Snapdragon 820 processor that Qualcomm announced at this year's MWC event. The chip maker confirms that Snapdragon 820 is expected to begin sampling in the second half of this year.

Moving forward, the Mi5 is expected to sport a 5.5in (14cm) screen and 4GB RAM. It would be available in two storage options of 16GB and 64GB upon its release.

The reason cited for Xiaomi choosing November over a summer launch is due to the Snapdragon 820 shipping time. The new Mi5 is expected to go on sale before the end of this year.

Another noteworthy feature is the fingerprint scanner, which we have already heard in earlier reports. The Snapdragon 820 processor will allow Xiaomi to implement Qualcomm's ultrasonic fingerprint authentication, which does not require any sensor or button on the device.

The device is expected to be crafted in to a slim design, with the thickness measuring only 5.1mm. There would be 16 megapixel rear camera with support of Optical Image Stabilisation technology. It might also adopt the USB type-C interface.